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Category: Finance
Satisfied Customers: 4028
Experience:  Tax professional and business consultant for 35 years.
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My wife recently gave two weeks notice and quit her job. She

Customer Question

My wife recently gave two weeks notice and quit her job. She is 33 years old and fully vested in the company 401K program. She tried to cash out her 401K (we are aware of the penalties and tax consequences) and was told by the plan custodian that she would have to wait until next year to get her money. Is this possible?
Submitted: 6 months ago.
Category: Finance
Expert:  PDtax replied 6 months ago.
Hi from just answer. I'mCustomer I'll assist.
Expert:  PDtax replied 6 months ago.
It is possible, if you have to get her money that way. You don't.Plans can have unique requirements, including withdrawal limits. Her plan might. But there is a simple way around this.Arrange for a trustee to trustee rollover of the plan balance into an IRA. This must be allowed. Then the assets are under her control, and she can withdraw funds as she likes.Thanks for asking at just answer. Positive feedback is appreciated when you rate my assistance. I'mCustomer